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- Umbrella -Insuring Your Assets
Personal Umbrella liability insurance provides families with high limits of liability protection that is excess over any personal, automobile and other liability insurance. Personal Umbrella coverage is designed to cover damages that arise out of activities of a personal nature. Umbrella insurance is in part "excess" insurance because it is not usually triggered until protection that is provided by an auto, homeowner policy, or other liability coverage is exhausted. In addition to its excess feature, a personal umbrella policy has very broad insuring agreements that extends to types of claims that are not covered by underlying liability insurance. In such instances, an Umbrella policy responds to a liability claim on a primary basis. The coverage provided is for an occurrence that results in an insured’s obligation to pay for personal injury such as libel, slander, defamation and related allegations as well as bodily injury and property damage. Included in the coverage is defense cost. This pays the cost to defend a claim or suit for damages because of bodily injury, personal injury, or property damage. Umbrella coverage is written with limits of one million dollars or more. Umbrella premiums average $150.00, which may be equivalent to a one hour legal fee.
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